MBA is one of the best and worldwide famous courses that students like to pursue after their respective graduation. Because of the prospective employment opportunities, college graduates seek to enroll in the Masters of Business Administration (MBA) program. However, if you're having trouble answering the question, "Why MBA?" Continue reading because, in this blog, we will give you a complete detailed guide to pursue MBA abroad.
MBAs have a bright future because their pay structure is significantly higher than that of other Masters' students from the start of their careers. With an MBA on your résumé, obtaining management roles becomes much easier. According to studies, 70% of MBAs work as managers or board directors in their companies. A student's networking opportunities grow with an MBA. It begins with their immediate professors, lecturers, and teachers, then progresses to future employers, business acquaintances, and coworkers, and finally, business partners and collaborators.
MBA
As a professional degree, MBA allows students to learn knowledge and familiarise themselves with industry standards in terms of communication and movements. This, too, is dependent on whatever college or institute you choose to study for the MBA exam. B-schools, colleges, and institutes offer MBAs to graduates via correspondence, full-time, part-time, or long-distance courses. A common program, including internships and semesters, lasts two years.
An MBA permits you to specialize in the following papers:
- Finance
- Marketing
- International Management
- Operations
- Accounting
- Human Resources
- Strategy & Consulting
- Economics
- General Management
In the current scenario, i.e., new MBA specializations are as follows:
- Entrepreneurship
- E-commerce
- Healthcare
- Media science
- Leadership
- Hospitality
Types of courses in MBA
As the times are progressing in this fast-paced world, so has the course changed and become more improved than before. Nowadays, there are various kinds of MBA that an aspirant student can take up. Let's look at the list below:
1. Full-time MBA
Students can earn an MBA in two years by attending normal classes, completing semesters, giving presentations, participating in internships, and so on. In terms of class hours, regular MBA students will spend roughly 600 hours in class. When it comes to a two-year full-time MBA, the depth of the syllabus and the strength of the curriculum are at their peak.
2. One Year MBA or Accelerated MBA
The complete MBA syllabus is compressed here, and students are guided through it quickly. For some, this rapid learning is manageable; for others, the foundation remains a difficulty. These One Year MBA programs are an excellent choice if you need to develop a great career in a short amount of time.
3. Part-Time MBA
Part-time MBA, also known as an Executive MBA, is a program which is for professionals who want to further their education while still working in the field. Though juggling study and job is difficult in this situation, the direct learning from industry and the accompanying understanding from instructors makes this a fascinating occurrence. Students' convenience dictates that classes are held during post office hours.
4. Evening (second shift) MBA
The only distinction is that classes are held in the second half of a two-year MBA program. Students who are occupied during the first half of the day can choose this option to ensure that they have enough energy to stay alert and attentive during evening class hours.
5. Modular MBA
This is an MBA crash course in which the syllabus is condensed into two to three major blocks and finished in a short period of time by specialists. Although there is a high demand for this type of MBA program, it creates a significant gap in the learning process for students. However, if you're in a rush to add an MBA to your résumé, this is the program for you.
6. Executive MBA (EMBA)
This MBA program, which began in 1981 and is aimed at professionals, requires job experience. To pursue this, several universities need a minimum of five or ten years of professional experience. In addition, the EMBA curriculum is structured in such a way that you will not be able to comprehend it unless you are familiar with industry practices.
Eligibility for MBA Aspirants
The first and most important criterion is to receive good or qualifying grades in college. In addition, students must pass and score well on popular entry exams such as the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE). Work experience is now a requirement for MBA admission at some of the top business schools. However, eligibility standards vary from institution to college or B-school to B-school, so verify before applying.
Overseas MBA Prerequisites
If you are an Indian student planning to pursue an MBA from outside India, you have to be careful with the eligibility norms. This includes certain documents that are required, and it varies from university to university in which you are going to apply. So it is advisable for students who want to do an MBA course abroad must have the basic documents that are given below before they start to apply:
- TOEFL / IELTS / GRE score
- Work Experience
- Recommendation letters
- Academic record
- Minimum graduation qualification
- Essays
Why should you opt for an MBA?
Since we all already know that the MBA is a globally recognized degree specifically designed to acquire the abilities required for a career in management and business. However, this degree's worth extends beyond the realm of business. People who want to work in the public, private, or government sectors, as well as other fields, may benefit from an MBA.
Accounting, marketing, economics, and operations are among the areas covered in most MBA programs. Elective courses allow students to follow their own personal or professional interests. Some business schools require MBA applicants to do an internship at a firm or organization, which might lead to acceptable career prospects following graduation.
Cost of an MBA
Although the cost of an MBA varies, the average tuition for a two-year MBA school is more than $60,000. You should expect to pay $100,000 or more in tuition and fees if you want to attend one of the best business schools in the United States. The following are the tuition fees for some of the world's most prestigious universities:
The USA
Approximate duration of university Fees for tuition (annual) Stanford Graduate School of Business $60,000 for 21 months, Harvard Business School is a 24-month program that costs $60,000. Northwestern University Kellogg School of Management $65,000 in 24 months, University of Chicago Booth School of Business $65,000 after 21 months, Dartmouth College's Tuck School of Business offers a 24-month MBA program for $65,000.
New Zealand
In New Zealand, the most well-known public Universities is The University of Auckland which comprises a tuition fee of $29,000 for two years at the School of Business at Auckland University of Technology. Wellington University is a public university in New Zealand, and its fee is approximately $18,000 for 16 months. The College of Business and Economics at Canterbury University is part of the University of Canterbury that will cost $33,000 for 15 months
Conclusion
To conclude, we would say that an MBA is only worthwhile if the student intends to work in a business-related discipline, in the management sector, or as the founder of a company. An MBA degree may not be effective for persons who work in industries other than management or leadership. The number of business schools that offer a Master's degree in Business Administration is growing, making this a congested field. Moreover, it might not be as valuable as you think until you have a degree from a reputable college. Choosing a curriculum at a top-tier business school boosts the degree's worth.
Author Bio:
Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting-edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.